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AMC Theatres CEO Adam Aron received compensation of $23.7 million in 2022, up 25 percent from $18.9 million in 2021, according to the debt-laden cinema giant’s proxy statement filed with the Securities and Exchange Commission on Friday.
That included a base salary of $1.5 million, no cash bonus, $16.2 million in stock awards and $6 million in non-equity incentive plan compensation.
In early 2021, AMC became a popular stock among “meme” traders after the company appeared close to bankruptcy amid the pandemic fallout at movie theater chains. The stock surge helped the company strengthen its financial position and diversify its revenue streams — the latest initiative is starting to sell branded microwave and ready-to-eat movie popcorn varieties, initially at Walmart.
Aron’s base salary rose to $1.5 million in 2022, from $1.45 million a year earlier. He took home a bonus of $5 million in 2000, but received no bonus during the last two years.
The SEC filing also revealed that CFO Sean Goodman received $6.27 million in overall compensation in 2022, up from a year-earlier $4.7 million pay package. His latest compensation included a $450,000 cash bonus agreed in March 2021 to retain his services.
AMC continues to recover from the COVID-19 crisis and contend with changing consumer habits in the age of streaming. In a recent move, the company received shareholder approval for a shake-up to AMC’s share structure, which includes a 10-to-1 reverse stock split and converting preferred APE units into common shares.
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